PHOENIX, Arizona – ORION Investment Real Estate announced the sale of Indian School Plaza, located near the corner of 31st Avenue and Indian School Road, for $1.95 million ($30 PSF). Indian School Plaza is below replacement cost with an open air atrium design. The office building has strong demographics, with a population density of over 508,000 people within a five mile radius (2015). The building is located immediately adjacent to Interstate 17 and less than one mile from US-60 and Grand Canyon University. The property was 92% occupied at close of escrow.
Nick Miner, CCIM, and J.T. Taylor of ORION Investment Real Estate represented the Seller in this all-cash transaction. “Buyer was able to purchase a property significantly below replacement cost. There was also good existing cash flow because the property was over 90% occupied when the immediate vacancy rate was closer to 20%. The Buyer has plans for extensive capital improvements to the property to further enhance his investment, and the Seller sold this property because they were able to achieve their desired return and focus on their other projects,” noted Miner and Taylor.
The Seller, represented by ORION, was Arizona-Cal Note Investments 4.5, LLC. The Buyer, represented by Mike Wood and David Prusha of West USA Realty, was 3001 W Indian School, LLC.